Sen. Warren Applauds Senate Vote to Advance the "Bring Jobs Home Act"
Calls on Senate To Finally Pass Legislation to End Giveaways to Companies that Outsource Jobs
WASHINGTON, DC - United States Senator Elizabeth Warren (D-Mass.) applauded the Senate's vote today to begin debate on the "Bring Jobs Home Act," of which Senator Warren is a cosponsor.
This legislation, introduced by Senators John Walsh (D-Mont.) and Debbie Stabenow (D-Mich.), would close a tax loophole benefitting companies that send jobs overseas, and use the savings from that loophole to invest in businesses who bring jobs back to the United States. The Senate voted 93-7 today to consider the bill.
"Big corporations and their armies of lobbyists have rigged the tax code to reward businesses when they ship jobs overseas. This isn't right," said Senator Warren. "I'm glad that after years of blocking this proposal, Republicans have finally agreed to allow us to debate this legislation. We should pass this bill and send it to the House as soon as possible - to reward companies that return jobs to the United States and to give our workers and businesses a fair shot to succeed."
Senator Warren is also a cosponsor of the "Patriot Employer Tax Credit Act," which was originally introduced by Senator Dick Durbin (D-Ill.) and has been put forward as an amendment to the bill. The amendment would provide a tax credit for companies that maintain or increase the number of U.S.-based workers they employ and provide their employees with fair wages and secure retirement benefits.
The "Bring Jobs Home Act" would close a tax loophole that allows for deductions of expenses incurred when companies wind down domestic operations and send jobs to foreign countries, and uses those savings to establish a tax credit worth 20 percent of the overall cost to a company of bringing jobs back to the United States.